Police reports filed over missing assets from bust builder that bought a Porsche

Police reports have been filed in relation to the liquidation of Auckland-based construction firm JacksCo Civil Ltd​ over missing assets, the liquidator says in his latest report.

The report, the second into the company, also revealed JacksCo Civil (JCL) owned four Hampton Downs GT memberships​, which allowed individual at the company to use the racetrack, and which were sold for $12,000 plus-GST as part of the liquidation.

Liquidator Stephen Lawrence​, of PKF Corporate Recovery & Insolvency​, previously confirmed he had seized a Porsche race car from the company, which went bust owing nearly $9 million to creditors in late-January.

Hampton Downs GT records a membership costs $15,000 (not including GST), while an annual membership fee sat at $4950, which gave access to multiple racetracks.

The most recent liquidators reports also noted that investigations were ongoing into directors actions to establish if any breaches of directors’ duties occurred.

“Our investigation into this matter is ongoing,” the report noted.

Three other companies related to JacksCo Civil Ltd have also been placed into liquidation, including JacksCo Ltd (JL), which owned most of the civil construction plant and machinery used by JacksCo Civil, and had liquidators assigned on the same day as JCL, on January 27​.

PKF was also assigned to liquidate parent company Jackco Holdings Ltd and Auckand Hardscapes and Kerbing Ltd (AKH) in early-February.

Simon Jacks is the sole director of all four companies.

Liquidators noted they continued to review historical claims and related legal disputes between JCL and one of its former directors.

They were also reviewing a pre-liquidation legal dispute between JCL and one of its clients in relation to uncertified variations.

The report noted police reports and insurance claims had been filed for missing assets, and these were ongoing.

Jacks has been approached for comment.

ASB held a general security agreement over assets of both JL and JCL, as well as specific securities over most of JL’s plant.

The two companies had cross-guaranteed each other’s debts to ASB.

The report notes as at the date of liquidation JCL owed over $5.4m to ASB in relation to its own and JL’s debt facilities.

The current consolidated amount of the debt owed to ASB was more than $2m, which included interest incurred since the liquidation.

The liquidators received a preferential claim from Inland Revenue for $350,145 in relation to unpaid employer taxes for JCL.

A number of JCL’s staff submitted claims for payment in lieu of notice period.

the liquidators had also received 113 claims from unsecured creditors totalling a $3.25m.

The report noted it was unknown at this stage if any funds would be available for distribution to preferential or unsecured creditors.

Liquidators also noted that $95,911 of cash had been recovered from JacksCo Ltd that had been held in trust.

The report into JL noted company De Lage Landen Limited held specific security over certain items of plant and equipment.

As at the date of liquidation JL owed $872,137 to De Lage Landen in relation to these assets, and to-date they had been paid back $337,811.

The Liquidators received a claim from Inland Revenue for $130,833 in relation to unpaid GST.

The Liquidators had received six claims from unsecured creditors totalling $445,910, and deemed it unlikely that any funds would be available for this group after the liquidation.

The estimated date of completion for the liquidation of JL and JCL was February.

Weather is believed to have been the primary reason JacksCo Civil, which had more than 100 staff, went bust.

On the same day liquidators were appointed to wind up JacksCo Civil Ltd, the company’s general manager Adrian Warwick created a new holdings company, WCC Holdings Ltd.

Three days after that, WCC Contractors was incorporated, and the newly-founded site preparation company was understood to already be operating.